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EV sales are way down. Here’s why that might not be a big deal.
New electric vehicle sales dropped 50% and used EV sales fell 20% after federal tax credits ended; manufacturers are cutting EV plans amid cost and regulatory challenges.
- Following U.S. Congress's vote to end federal EV tax credits, dealerships reported about 20 percent fewer used EV sales and a 50 percent drop for new vehicles.
- Policy rollbacks and trade measures have raised uncertainty as the Environmental Protection Agency revoked California's waiver, tariffs increased vehicle costs, and U.S. Congress loosened fuel-economy enforcement.
- Most notably, dealerships offered a glut of lease deals in recent years, and used EV buyers now see prices just $900 above gas equivalents.
- Even with the drop, EVs make up around 8 percent of the EV market and remain on pace for record sales, while some manufacturers scale back and Hyundai expands offerings.
- Next year, more affordable models including revamped Nissan Leaf and Chevrolet Bolt will boost demand while Colorado and Connecticut raised incentives by $3,000 and $500, with 17 states offering purchase incentives.
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26 Articles
26 Articles
Coverage Details
Total News Sources26
Leaning Left1Leaning Right0Center23Last UpdatedBias Distribution96% Center
Bias Distribution
- 96% of the sources are Center
96% Center
C 96%
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